JORDAN 02 October
- CTI Group of Jordan has snatched control of International
Bulk Carrier, a wholly owned subsidiary of Companie
Nationale Algerienne de Navigation. The Algerian government
has embarked on a major privatisation programme and,
Mazen Dajani of CTI told Fairplay today, is keen to
sell shipping assets. "We hope this is only the
beginning of further announcements which we will make
with regards to investments in Algeria," Dajani
added in a press statement. CTI acted in concert with
Saudi and Algerian financial interests to buy a majority
stake in IBC. The deal successfully concludes two years
of negotiations between the Jordanians and the Algerians.
The target company's eight bulkers, ranging in size
from 3,600 dwt up to 64,000 dwt, have been transferred
to the operational management of Sekur Holding, CTI's
subsidiary ship management company. CTI has been operational
in the Algerian cement industry for some years and saw
this deal as an opportunity to move into dry bulk. The
deal was attractive to CTI owing to the high freight
rates and it was an opportunity for the company to diversify
out of the niche cement carrying trade. Dajani also
revealed to Fairplay that Algeria is proving to be a
good source of crew. Further details of the deal will
be found in this week's Fairplay Magazine.